Business
Awarded Research Grant
Awarded Research Grant.
About this update from Provexis Plc
[{"type":"text","content":"\n Provexis PLC\n07 November 2005\n\n\n\n7 November 2005\n\n\n\n PROVEXIS PLC\n ('Provexis' or the 'Company')\n\n\nProvexis plc is awarded Research Grant for Crohn's Disease Technology from North\n West Development Agency\n\n\nProvexis, the nutraceutical company that develops scientifically-proven\nfunctional and medical foods, is delighted to announce that it has been awarded\na research grant for its Crohn's disease technology from the North West\nDevelopment Agency. The grant is for £180,000 and will assist the funding of the\nCompany's development of its novel, medical food for the treatment and dietary\nmanagement of inflammatory bowel disease (IBD).\n\nProvexis is currently developing a proprietary bioactive extract from plantain\n(part of the banana family) which is designed to extend remission in patients\nsuffering from IBD, which exists in two forms - Crohn's disease and ulcerative\ncolitis. Collectively, both forms of the disease affect approximately 1 in 400\nin the western world. According to Decision Resources (2004), for Crohn's\ndisease alone, the therapeutic market across the seven major countries in the\nworld was estimated at £1bn in 2003 with new technologies expected to be the\ndriver behind significant growth.\n\nThe proposed medical food contains a patented natural source of soluble fibre\nextracted from the plantain. If successful, it will be the first medical food\nwhich involves treatment of the actual inflammation associated with the disease,\nunlike existing medical food treatments which only address nutrient\ninsufficiencies and imbalances in IBD sufferers.\n\nProvexis had previously secured financial support for this project from the DTI\nin 2004 with a £45,000 DTI SMART Feasibility Award.\n\nThe award from the North West Development Agency was won following a competitive\npitch which involved rigorous analysis of the Company's technology, intellectual\nproperty and commercial capability by a team of independent referees.\n\nCommenting on the grant, Provexis' Chief Executive, Dr Stephen Franklin, said: \n'We are delighted to receive this substantial grant from the North West\nDevelopment Agency. Given the strength of the competition in bidding for this\naward, it is a clear testament to the quality of the technology we are\ndeveloping, the robustness of the intellectual property and the scale of ...